March Home Sales Remain Strong
“Our thoughts and imaginations are the only real limits to our possibilities.”
Keep a positive attitude while you do what you can until the economy reopens. We had three economic low points this century—the dot-com crash, 9/11, and the 2008 financial crisis. In every case, the economy bounced back and hard working people wound up on top.
LOCAL REAL ESTATE SALES
About halfway through the month of March, Covid-19 began affecting every business in the Greater Cincinnati area. 2020 March home sales recorded a strong month with sales slightly down – 0.45% compared to March a year ago. Home sales this month were 1,987 compared to 1,996 in March 2019.
Home sales for the first three months of 2020 are up 4.45% over the first three months of 2019. The next few months will be challenging for everyone, but this too will pass, and real estate will be strong. Even during these trying times, there are still plenty of buyers in the market looking to purchase a home.
The March average home price climbed to $231,986 compared to $205,075 a year earlier, a 13.12% increase! At the same time, the inventory of homes for sale, as of March 31, continued its year-over-year declining trend, dropping from 3,788 a year ago to 3,036 in March 2020, down 19.9 %.
Local home mortgage rates in March averaged 3.50% for a 30-year fixed rate loan. The rates were down compared to 4.06% a year ago. At these fixed rates, the monthly principal and interest payment on a $100,000 home loan with no money down would be approximately $449.
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